Valve Manufacturing

Emerson Process Management sales increased 24%, as robust growth resulted from global energy investment and favorable comparisons from the supply chain disruption in the prior year. Underlying sales increased 24% as well, with the U.S. up 26%, Asia up 25% and Europe up 11%. Large project activity remained strong, while higher-margin maintenance investments slowed, particularly in the U.S., as customers became more cautious with capital budgets. Segment margin of 17.6% expanded 520 basis points, primarily driven by volume leverage. Continued investment in the oil and gas, chemical, and power industries is expected to support solid end market demand in the near term.